SUMMARY OF INTERIM REPORT JANUARY - SEPTEMBER 2010
(NGM:SOSI)
(For complete interim report in swedish see attached file)
Summary of key events
* For the period January - September 2010 the Group sales were kSEK 93, net income 19 521 kSEK and an earnings per share was 0.12 SEK.
* Liquid funds on 2010-09-30 was 13 147 (36) kSEK.
* Funds spent in January - September 2010 amounted to 7 241 kSEK.
* Upon completion of financial, legal and technical review the Company completed the acquisition of Silver Resources Oy. The acquisition occurred during April and reported in Q2 2010 as a “reverse take over”. The Group is reported, as the Silver Recourses Oy was the parent company.
* The Company appointed Dr. Timo Lindborg as the new CEO.
* The trading of warrants began on the NGM Equity stock exchange and Burgundy marketplace.
* At an Extraordinary General Meeting was decided to change the corporate name to Sotkamo Silver AB (publ) and amend § 9 and § 10 in the Articles of Association.
* The company invests in Taivaljärvi Silver Mine’s infrastructure, the draining operation of the mine decline and core drilling programs.
* The Company has completed the above-surface core drilling program at Taivaljärvi Silver Mine.
* Assets in Norway sold, focus at Taivaljärvi Silver Mine.
Summary of significant events after the balance
* The first milestone in drainage project reached.
The Group Result
The result of the Group during January-September 2010 amounted to 19 521 (-360) kSEK before tax. The result of the group is burdened with depreciation on equipment in Silver Resources Ltd by -6 (-7) kSEK.
The Parent Company Result
The result of the parent company during January - September 2010 amounted to -77 660 (2 035) kSEK before tax. The loss of the parent company due to a capital loss in divestment of Gexco Norge AS
Stockholm, 28th September 2010
Timo Lindborg, CEO
About Sotkamo Silver AB:
Sotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with regard to human society and environment. Sotkamo Silver owns, through its subsidiary mineral deposits, which contains silver and gold in Finland. The Company’s main development project is the Taivaljärvi Silver Mine.
Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of reporting for public mining & exploration companies. Sotkamo Silver has chosen to report mineral resources and ore reserves according to the internationally accepted JORC or NI 43-101-code. The company applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The shares are traded at the Burgundy market place and NGM Equity in Stockholm. The ticker symbol is SOSI.
ISIN-code for Sotkamo Silver shares is SE0001057910.
ISIN-code for Sotkamo Silver warrants is SE0003299718.
Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi
For further information: Timo Lindborg, CEO, tel. +358 40 508 3 507